The document discusses gas exchange and respiratory failure. It defines two types of respiratory failure: hypoxemic and hypercapnic. Hypoxemic respiratory failure occurs when there is inadequate oxygen transfer, while hypercapnic respiratory failure occurs when there is insufficient carbon dioxide removal. The major mechanisms that can cause hypoxemic respiratory failure are ventilation-perfusion mismatching, shunting of blood, diffusion limitation across the alveolar-capillary membrane, and alveolar hypoventilation. Common diseases associated with each type of respiratory failure are also outlined.